OLSHAN LUXURY MARKET REPORT

Fill in your address below to receive this regular report via email



Subscribe | Unsubscribe


October 8-14, 2012

Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

19 Contracts Signed

It was another strong week with 19 contracts signed at $4 million and above. And as usual condos have outsold co-ops. Since Labor Day, the scorecard reads 50 condos vs. 14 co-ops, plus 10 townhouses and 2 condops (a condop is a co-op with condo rules).

The No. 1 contract last week was one of the most expensive condos ever sold north of 86th Street: the penthouse at 120 East 87th Street, asking $14.8 million. Unit RPH1ABC is a 4-bedroom, 4-bath apartment with 6,265 square feet and a 60-foot terrace. It has 14- foot ceilings and a 49-foot entrance gallery with greenhouse windows with views of the East River and Central Park. The building, known as Park Avenue Court, is the site of the former Gimbel’s department store that was converted to a condominium in 1989. It has a doorman, concierge, gym, fitness center, pool, and garage.

The No.2 contract was apartment 11N at 995 Fifth Avenue, asking $11,500,000, reduced from $14 million when it started on the market in May. This 4-bedroom, 4.5-bath unit has 4,118 square feet. The living room faces Fifth Avenue, while the rest of the rooms face north on 80th Street. The apartment is in a building that was once The Stanhope Hotel, which was converted to a 26-unit condop in 2008 with a doorman, concierge, and a fitness center/spa operated by La Palestra.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 8-14, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

0

1

0


4

Condos

2

3

1

5

Avg.Price:$2,142/sq.ft.
Avg.Size:3,080sq.ft.

11

Condops *

1

0

0

0

Avg.Price:$2,793/sq.ft.
Avg.Size:4,118sq.ft.

1

Townhouses

0

0

0

3

Avg.Price:$1,577/sq.ft.
Avg.Size:3,700sq.ft.

3

Totals

6

3

2

8

19

Total Weekly Asking Price Sales Volume: $121,103,000
Average Asking Price: $6,373,842
Median Asking Price: $4,900,000
Average Discount from Original Ask to Last Asking Price:6%
Average Days on Market:295
*Condop is a co-op with condo rules.

TO VIEW 16 CONTRACTS SIGNED ON APARTMENTS:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/12121434a5e462.htm

TO VIEW 3 CONTRACTS SIGNED ON TOWNHOUSES:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/1212148a29540d.htm

Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

CLICK HERE TO VIEW PAST MARKET REPORTS.

Email Olshan Olshan on Twitter Olshan on Facebook